Futures Contract Turnover is included in GST turnover

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..... Person has been dealing in Futures in stock market where one lot sale value is 10lacs. Whether this turnover is included while computing aggregate turnover in GST as the person will be having professional income too but less than 20 lacs. Please guide - Reply By Harshit Sanghvi - The Reply = Dear experts please reply - Reply By KASTURI SETHI - The Reply = Your answer is inherent in the defi .....

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..... nitions of 'Transaction Value,' 'Consideration' 'Aggregate Value' and scope of 'threshold exemption limit' and definition and scope of 'supply'. Pl. go through all the above in CGST Act and then post your query again. My view Both will be clubbed to arrive at threshold exemption limit. - Reply By Shilpi Jain - The Reply = Futures would be cov .....

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..... ered under definition of securities under SCRA. Would not be part of aggregate turnover - Reply By KASTURI SETHI - The Reply = Dear Querist, Just for knowledge sake also go through the following circular :- Taxability of supply of securities under Securities Lending Scheme, 1997 - Clarification Circular No. 119/38/2019-GST, dated 11-10-2019 - Futures Contract Turnover is .....

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..... included in GST turnover - Query Started By: - Harshit Sanghvi Dated:- 13-11-2022 Goods and Services Tax - GST - Got 4 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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